Chapters 1-3: Select a question from the list below. Cite the question number (please refrain from restating the question, as we already know what it is), then give a good answer. Explain your reasoning or provide examples. If you answer the same as a prior respondent, give a unique rationale. Use original wording. Avoid copying any material from other sources in lieu of a unique answer, as that effort merely demonstrates that you know how to copy information. (Instead, we need evidence of thought.) The minimum length is a measly 125 words, which is probably attainable almost by accident, so try not to sneeze as you write.
No replies are necessary in concept challenges, but feel free to reply to others anyway, as often as you like.
1. Joseph Schumpeter described entrepreneurship as creative destruction. People have argued about what this means. Some people think it means that the entrepreneurial process is dangerous. What do you think Schumpeter actually meant by this?
2. Richard Cantillon coined the term entrepreneur in 1755. It means Γ’ΒΒone who undertakes [something].Γ’ΒΒ How is this an apt description of the entrepreneurial function? Why do you suppose he chose Γ’ΒΒundertake,Γ’ΒΒ rather than some other word?
3. Note how closely in time entrepreneurship and free-market economics (Adam Smith, 1776) emerged as concepts. Indeed, both Cantillon and Smith were economists (before there even were economists). What does this say about entrepreneurship?
4. How is the entrepreneur an inventor? How is the entrepreneur more than an inventor? What does an inventor need to become an entrepreneur? What kinds of innovations can an entrepreneur contrive, which simply never occur to an inventor?
5. Gifford and Elizabeth Pinchot coined the term intrapreneurship in 1978 to describe a person with entrepreneurial talent who was content to work for someone else. What quality does an entrepreneur have, which an intrapreneur is lacking?
